Across the Ditch, the S&P\/ASX 200 was down 0.42% at 8876.60.<\/p>\n
In the news<\/p>\n
Fletcher Building sagged 0.62% to $3.22 as the market responded to a trading update<\/a> from the company that flagged debt reduction and provided a full-year 2026 earnings outlook.<\/p>\n \u201cThey\u2019re kind of tempering 2027 expectations, which is probably weighing on the share price a little,\u201d Koreman-Smit told BusinessDesk.<\/p>\n SkyCity Entertainment bucked the otherwise ordinary session of trade, up 1.9% to 53.5 cents. The market liked a Forsyth Barr note anticipating stronger cash flow generation, and potentially dividend lifts further down the line.<\/p>\n Koreman-Smit observed that the market is sensitive to the first policy meeting of the new US Federal Reserve chair, Kevin Warsh, overnight on Wednesday (NZ time).<\/p>\n \u201cThe market is viewing the new Federal Reserve chair, Warsh, as more hawkish, [and] more likely to lift [interest] rates,\u201d Koreman-Smit said. This has resulted in long bond rates in the US edging up.<\/p>\n REITs and gentailers<\/p>\n Stocks sensitive to long-bond yields, such as real estate investment trusts and electric utilities, were down slightly, though not uniformly.<\/p>\n Investore Property was 2.83% lower at $1.03, with Property for Industry, down 1.65% to $2.38, and Argosy Property, slipping 0.94% to $1.05, both following.<\/p>\n Meridian, down 2.68% to $5.82, and Vector, down 1.01% to $4.90, did likewise. On the plus side, however, Contact added 0.94% to $9.66, while Mercury rose 0.44% to $6.86.<\/p>\n Meanwhile, oil prices drifted down on the prospect of peace in the Middle East. There was some firming in equities responsive to general economic activity.<\/p>\n Among high-street banks, Westpac rose 1.26% to $43.30 but ANZ Group Holdings shed 0.93% to $41.76.<\/p>\n Heartland Group finished even at $1.23 as its shares consolidated recent gains after earlier profit-taking. Investors continue to place store in the proposed Heartland Bank acquisition of TSB Bank, and the Heartland Group share price reflects this.<\/p>\n A2 Milk, up 1.67% to $7.32, and Synlait Milk, up 2.5% to 41 cents, frothed higher after the global dairy prices<\/a> dropped for a second time at the second auction of the GDT.<\/p>\n Among the infrastructure plays, Port of Tauranga added 1.59% to $8.29, while Auckland Airport tacked up 0.82% to $8.64 and Infratil shed 1.33% to $14.85.<\/p>\n